Kennedy sells Patek Philippe boutique to Cortina Watch
Australian jewellery and watch retailer Kennedy has agreed to sell its Patek Philippe boutique in Chadstone Shopping Centre, Victoria, to Singapore-based Cortina Watch.
Cortina has been expanding into the Australian market in recent months, already operating a Franck Muller boutique in Melbourne. On December 16, a filing from Cortina Holdings said: “We have been exploring strategic avenues for the expansion of our operations within the Australian market. In line with our strategy to deepen our footprint in Australia.”
Following the news of the divestment at Chadstone, a Kennedy spokesperson told Inside Retail: “As part of a strategic portfolio decision, Kennedy has entered into an agreement with Singapore-based Cortina Watch to sell its Patek Philippe retail operations at Chadstone.
“This transaction allows Kennedy to refine its portfolio, reallocate capital and focus on long-term priorities that support its next phase of growth.”
The move comes as customer attitudes towards the luxury watch market continue to shift. Following a post-pandemic peak in 2022, customer waiting times for luxury brands have begun to fall.
Research from both Morgan & Stanley and Watch Charts said that luxury watch prices have, on average, fallen for 13 consecutive quarters. Patek Philippe, however, recorded a 1.1 per cent increase in the most recent financial quarter.
“We are working closely with Cortina to ensure continuity and a seamless transition for customers, partners and staff,” Kennedy added.
“Kennedy’s next phase, including further announcements, will be revealed in the coming months.”
The post Kennedy sells Patek Philippe boutique to Cortina Watch appeared first on Inside Retail Australia.